Nasdaq Futures Analysis- 12Jul2022

Nasdaq Futures (NQ) are at 11,884 and they are trying to take support at 10 day SMA, but the Momentum Indicator (CCI) is indicating weakness and selling pressure, so we should be read to see some more correction of 100-200 points. There is clear resistance at 12,150 level and the Nasdaq Futures have failed twice at that level in recent days.We have also seen strong support at 11,400 level multiple times in recent days. The Momentum Indicator (CCI) made a new high in recent days, even though price did not go up much, and that’s a positive, and we could see a rally in July to test 12,400 level, so we can take that as near term Nasdaq100 target.

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